ST. PETERSBURG, FLORIDA

Helping St. Petersburg homeowners 55+ explore ways to use housing wealth to improve cash flow, create greater financial flexibility, or purchase their next home.

Rick R. Rodriguez, CRMP®
National Director of Reverse Mortgages
Reverse Mortgage Specialist Since 2005

★★★★★ 130+ Google Reviews

For many St. Petersburg homeowners, their home represents one of their largest retirement assets. A reverse mortgage may provide a way to access a portion of that housing wealth without selling the home or taking on a required monthly principal and interest mortgage payment.

Depending on your age, home value, existing mortgage balance and financial goals, a reverse mortgage may be used to pay off an existing mortgage, establish a line of credit, provide additional liquidity, or help purchase a new primary residence.

The goal isn’t simply to determine whether you qualify. It’s to understand your options and determine whether incorporating housing wealth into your retirement strategy makes sense for you.

The FHA-insured Home Equity Conversion Mortgage (HECM) is the most common reverse mortgage and is available to eligible homeowners age 62 and older.

A HECM may allow you to pay off an existing mortgage, access funds as a line of credit or monthly advances, or create additional financial flexibility in retirement.

Proprietary reverse mortgages may be available to eligible homeowners beginning at age 55 and can provide additional options for higher-value homes or situations that may not fit traditional HECM guidelines.

These privately insured programs can offer different loan amounts, features and qualification options depending on the homeowner’s situation.

A reverse mortgage line of credit can provide access to home equity when needed. With an adjustable-rate HECM, the unused portion of the available line of credit grows over time, regardless of changes in the home’s value.

This can provide an additional source of liquidity alongside investments, Social Security and other retirement assets.

Eligible homebuyers can use a reverse mortgage to purchase a new primary residence with a one-time investment at closing and no required monthly principal and interest mortgage payments.

This can be especially useful for retirees relocating to St. Petersburg who want to preserve more of the proceeds from the sale of their previous home rather than using all cash to purchase their next home.

Borrowers remain responsible for property taxes, homeowners insurance, applicable HOA dues, and maintaining the home. The home must be the borrower’s primary residence. Age eligibility for proprietary programs varies by product.

St. Petersburg offers a unique combination of established neighborhoods, waterfront living, active 55+ communities and easy access to everything the Tampa Bay area has to offer.

Whether you’ve owned your St. Petersburg home for decades, recently relocated to the area, or are considering purchasing your next home here, a reverse mortgage may provide another way to incorporate your housing wealth into your retirement plans.

Many longtime St. Petersburg homeowners have accumulated significant equity as their homes have appreciated over the years.

A reverse mortgage may allow eligible homeowners to access a portion of that equity to eliminate an existing mortgage payment, establish a line of credit, create additional liquidity, or address other retirement needs while continuing to own and live in the home.

St. Petersburg and the surrounding Pinellas County area offer a wide variety of housing choices for retirees, including condominiums, single-family homes, waterfront properties and 55+ communities.

Reverse mortgage options may be available for eligible homeowners age 55+, while HECM reverse mortgages are available beginning at age 62, subject to program and property requirements.

Rick works with homeowners throughout St. Petersburg and the surrounding area, including Downtown St. Petersburg, Northeast St. Petersburg, Snell Isle, Shore Acres, Jungle Prada, Tyrone, Maximo, Greater Pinellas Point and nearby Pinellas County communities.

Looking beyond St. Petersburg? Explore reverse mortgage options throughout the Tampa Bay area.

St. Petersburg has become a popular destination for retirees drawn to Florida’s Gulf Coast lifestyle, warm weather, waterfront setting, cultural attractions and variety of housing options.

If you’re selling a longtime home and relocating to St. Petersburg, paying cash for your next home isn’t your only option. Eligible homebuyers age 62+ may be able to use a HECM for Purchase to buy their new primary residence with a one-time investment at closing and no required monthly principal and interest mortgage payments.

For buyers age 55+, certain proprietary reverse mortgage purchase programs may also be available.

Using a reverse mortgage for purchase may allow you to retain more of the proceeds from the sale of your previous home for investments, reserves, travel, healthcare or other retirement priorities rather than putting all of those funds into your new St. Petersburg home.

Every homeowner’s situation is different. The amount available from a reverse mortgage depends on factors including your age, home value, existing mortgage balance, interest rates and the reverse mortgage program you choose.

Whether you currently live in St. Petersburg or are considering purchasing a home here, I can prepare a personalized analysis showing the reverse mortgage options that may be available to you.

Prefer to talk? Call Rick at (702) 460-6222